HSBC expands private banking network in China

HSBC said it is the first international bank to establish a private banking service team in western China after its private bank launched operations in Chengdu and Hangzhou today.

HSBC also said it is "actively exploring" the potential for growth in the Southwest market with enhanced service capabilities in the Yangtze River Delta region. "We see huge growth potential for the wealth management market in mainland China, driven by both economically active coastal regions and rapidly developing inland regions that are fundamental to the long-term development of our wealth business," said Jackie Mau, HSBC's global head of private banking in China. "By establishing our private banking business in Chengdu and Hangzhou, we will be able to serve our local clients more closely and accelerate business growth by increasing HSBC's wealth management footprint outside the four major cities of Beijing, Shanghai, Guangzhou and Shenzhen." The new team is made up of a mix of relationship managers and investment advisors. HSBC said the new team will rely heavily on HSBC's wholesale banking business and other divisions to serve the long-term financial needs of its clients. In May, HSBC announced plans to expand into mainland China by adding about 100 staff and establishing a presence in Chengdu and Hangzhou. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!